New Jersey: The Price At The Gas Pump Has Reached Painful Levels
Dear New Jersey:
Have you noticed that the price of a gallon of gasoline has gone from $ 3.31 (regular unleaded) a few weeks ago to $ 3.51 per-gallon today.
There's been a significant increase in just the past day from the low $ 3.40’s to $ 3.51.9.
Chuck Malamut is a talented financial advisor with Morgan Stanley, with more than 35 years of experience.
Chuck has shared a very sobering fact about the price at the pump and what this means to New Jerseyans and the American people at large.
For each penny per-gallon increase at the gas pump, this translates into more than $ 1 billion taken out of the American economy.
The average price per-gallon has risen almost $ 1.00 per-gallon versus this same time last year. That’s about $ 100 billion taken out of the American economy.
The gasoline prices today are outrageous:
- Regular Grade = $ 3.51.9
- Medium Grade = $ 3.97.9
- Premium Grade = $ 4.16.9
This photo was taken by me on Tuesday, February 8, 2022 at 3:00 a.m.
It’s outrageous and unnecessary, as on January 20, 2021 when the Biden Administration took over, we were an energy independent and net oil exporter nation.
The current policies have made us more reliant on Russia, OPEC and other foreign energy sources, rather than pursuing strategies that make us more independent.
This pain at the gas pump and energy costs in general are largely self inflicted.
This makes it the cruelest “tax increase” of them all, especially for lower wage earners, who get disproportionately hurt by this massive increase.
All American wage earners have also suffered with high natural gas, propane and other energy costs which are also up sharply in the past year by multiple double digits.
Inflation in general is becoming crippling for many American households; the cost increases in energy, food and other basic necessities has resulted in the equivalent of $ 5,000 or more per-person on an annual basis.
It’s unsustainable and threatens our economy from being prosperous.
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